Singapore Expands Sanctions Against Russia to Include Crypto Institutions

The Monetary Authority of Singapore, Singapore’s central bank, has broadened its unilateral financial actions against Russia by encompassing cryptocurrency exchanges and services.

The measure is the latest by the island nation to prevent Russia from taking advantage of gaps in the financial restrictions placed on it. According to the MAS, the restriction now applies to all financial institutions within the city-state.

Finance businesses, banks, capital market intermediaries, insurers, payment service providers. Then, and security exchanges are among the targets, according to a Bloomberg report. The central bank said in a statement that cryptocurrency services. Then, and suppliers are now prohibited from conducting crypto transactions with Russia.

The latest step comes just one day after the central bank unveiled new cryptocurrency trading guidelines.

On March 9, the European Commission announced that crypto assets had been added to the list of penalties. Therefore, defining them as “transferable securities.”

The Swiss federal government had already imposed a freeze on crypto assets held by Russian companies and people within Swiss borders. The directive, according to the Swiss finance ministry, is meant to defend the integrity of the Swiss blockchain area. Switzerland and its neighboring country, Liechtenstein, are well-known crypto centers with 1,128 blockchain enterprises.

Cryptocurrency transactions involving Russian companies and people have also been prohibited in Japan and South Korea.

Crypto exchanges have been requested by Japanese MPs to help with sanctions against Russia.

South Korean exchanges, such as Gopax, Upbit, Bithumb, Coinone, and Korbit, on the other hand. Of course, have blocked Russian Internet Protocols (IP) in order to prevent Russian account users from selling their crypto assets.
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